Between 2002 and 2012, countries in Latina America and the Caribbean have made considerable progress in modernizing their Supreme Audit Institutions (SAIs). Today, 70% of SAIs have adopted a modernized approach based on five pillars: harmonization, standardization, risk and results, transparency, and diversification. While challenges remain, these improvements have increased transparency and the confidence in public institutions of the region. This document presents the key conclusions of a study conducted by the Inter-American Development Bank, in collaboration with the Organization of Latin American and Caribbean Supreme Audit Institutions (OLACEFS in Spanish) and the Caribbean Organization of Supreme Audit Institutions (CAROSAI), and analyzes the trends and principal achievements of Supreme Audit Institutions in the Region during the past ten years.